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Construction Spending Annual Rates for May 2016

By July 1, 2016 November 19th, 2019 Construction Law

According to the U.S. Census Bureau of the Department of Commerce, total construction spending for May 2016 was estimated at a seasonally adjusted annual rate of $1,143.3 billion.  This rate is a decrease of 0.8 percent from the revised April estimate of $1,152.4 billion.  Compared to a year ago, the May rate is up 2.8 percent from that of the May 2015 rate, which was estimated at $1,112.2 billion.  So far this year, construction spending has totaled $438.5 billion, an increase of 8.2 percent compared to the $405.4 billion for the first five months of 2015.

Private construction spending in May was estimated at a seasonally adjusted annual rate of $859.3 billion, a decrease of 0.3 percent from April’s revised estimate of $861.9 billion.  Residential construction spending for May was at a seasonally adjusted annual rate of $451.9 billion, remaining nearly the same as the previous month’s revised estimate of $451.7 billion.  Nonresidential construction spending for May was estimated at $407.4 billion, down 0.7 percent from April’s revised estimate of $410.1 billion.

Public construction spending was estimated at a seasonally adjusted annual rate of $284.0 billion, down 2.3 percent from April’s revised estimate of $290.5 billion.  Educational construction spending for May was at an adjusted rate of $66.8 billion, down 5.4 percent from the revised April estimate of $70.6 billion.  Highway construction spending was estimated at an adjusted rate of $88.9 billion for May, decreasing by 0.2 percent from April’s revised estimate of $89.1 billion.

For more information, read the complete U.S. Census Bureau of the Department of Commerce Press Release by clicking here.

 

Eli Robbins

Author Eli Robbins

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